Roth IRA's

[justtochat007]

Just wondering what you know about roth IRA's? Please, list as much info as you can, I'm think about getting one. Would you say it's a good idea?

Thanks for your help,
justtochat007

[Janet Tripper]

A IRA is a form of you building up for the future when you retire. Some facts:

You can't withdraw til you are 59 1/2 in order to avoid penelties.
You can use it to purchase your first home
It can be tax deductable
There is a limit of the amount you can contribute each year depending on age.
Come banks charge a custodial fee for keeping the account for you.

I would suggest you speak to a banker where you currently do your banking at or shop some banks around see what offers the best rate at the moment!! But I do think its a smart choice to pay yourself first and start looking ahead!!

[justtochat007]

Here are a few more questions I got about roth IRA's.

1. Which is better, both or tradional IRA?

2. What is the max you can put in an IRA?

3. What kind of penalty for early withdraw do they have?

4. Should I put all my money into stocks?

**note: If you know any thing, that you would think i'd need to know. Post it on here

thanks,

[Moonlight Lady]

What you need to do is go to the bank and ask them about IRA's.
They have reps there who are very knowledgeable about that stuff.

As far as whether you should put your money into stocks or not, you need to talk to an accountant. They could tell you if you should or not and probably what stocks would benefit you in long run.

[sara]

My dad wants me to get Roth IRA, since I trust my dad, I'll say go with a Roth IRA. But I agree with that you should talk to someone at the bank and get all of the facts before you agree to anything. As far as stocks go I wouldn't put all of your money in stocks, you don't want to put all of your eggs in one basket. Maybe you should look into Mutual funds. But above all ask alot of questions with an expert in your area before you do anything.

[MsOrange]

what is an IRA?